Pullback for ethereum started over the weekend as the second largest cryptocurrency broke out of a consolidation period completing an asymmetrical triangle favoring the bulls. However, since then it began a pullback breaking the short-term support and now the bears are eyeing the $190 support as we are reading in the latest altcoin news reports.
On the 1-hour charts for ETH/USD, the price action is clearly visibly progressing after the breakout. The price levels tested the $240 resistance and failed to gain over the last few days which resulted in rejection causing a huge pullback for ethereum and breaking the short-term support at $217. The price levels have since continued to drop and it seems like they will re-test the visible range low at $189. It is also important to note that the volume remains relatively low on the pull-back and will now have to see a huge increase in selling momentum in order to cause a crash over the $189 support making it very likely that there could be a bounce-back as the market price tests the key support level.
On the 8-hour charts, the support is standing at $189 and originates from being the local top throughout the middle of April right before the price levels broke out and tested the $282 resistance level. The RSI has still yet to come to the oversold zone but it appears that it is getting near that trajectory. It is also likely that the RSI will be fully oversold which could be a good enough reason to consider re-entering the level. The volume appears to be flatlining in comparison to volumes that we have seen throughout April, May, and June. The Point of Control is now at $168 and will represent the next key support level in order to look out for the $189 breaks. The 15SMMA and 50MA can be seen crossing down over each other and this could signal a bigger downside.
In the latest cryptocurrency news, we saw that the Bitcoin Sentiment is very much bullish since the price levels are reaching to $2,000 since the beginning of the month. On the charts, you can clearly see a bullish pattern forming which could mean that the bulls have been in control over the price action over the past few days.
Ethereum Blockchain Is Almost Full: Vitalik Buterin On Scalability
“Scalability is a big bottleneck because the Ethereum blockchain is almost full. If you’re a bigger organization, the calculus is that if we join, it will not only be more full but we will be competing with everyone for transaction space. It’s already expensive and it will be even five times more expensive because of us. There is pressure keeping people from joining [...]”By improving the issue of scalability it would only bring down the costs by a factor of more than 100 as Buterin claimed. While the security is to some extent sacrificed by moves like these ones, the compromise would be fairly modest in his words. Beyond scalability improvements and other advances in a technical sense, Buterin noted that the challenge still remains of transforming blockchain technology into something that people will use on a day to day basis. When he was talking whether the ethereum blockchain is almost full he also argued that the future of cryptocurrencies and crypto, in general, is pluralist and revealed that he is very open to the idea of hybrid solutions that involve both Ethereum and bitcoin as the two most used and most popular cryptocurrencies. Buterin clarified his stance in response to a proposal to implement the Bitcoin Lightning network as an interface for his Ethereum contracts and to also enable instant payments in Bitcoin while in the same time still triggering a series of events on his own cryptocurrency or any other chain. Back in July as it was reported in some of the best cryptocurrency news sites, Buterin proposed using the Bitcoin Cash blockchain as a temporary scalability solution for the ethereum network but this still hasn’t implemented.
Ethereum Could Climb Above $200 According To Analysts
- 4 hours RSI – The RSI for ETH/USD is currently near the 40 level, with a few positive signs.
- Major Support Level – $174
- Major Resistance Level – $200
Six Changes Approved For The Next Ethereum Hard Fork
“We split Istanbul into two. One of them we can actually ship within weeks. [The other contains] two really big EIPs that would be nice to have but require some stuff that cannot be done within the two- or three-week timespan.”As many altcoin news sites shared, Istanbul Part 1 will be the eighth hard fork to be activated on the $22 billion blockchain network. As such, it is expected to boost the chain interoperability with the privacy coin Zcash and with that help secure the broader network against any replay attacks, among other efficiency improvements. Developers behind major Ethereum clients such as Geth and Parity have one week to integrate the six changes, integrating the newly affirmed list of EIPs into their software as well as preparing to implement the full code on a live Ethereum network. The Ethereum Foundation community manager Hudson Jameson spoke about the importance of the testnet release and the six changes in the code. He was featured on many best cryptocurrency news sites for stating:
“The security and stability of the network are primary concerns when it comes to doing hard fork on mainnet so the testnet release is a vital step in making sure that mainnet release go smoothly.”The release summed up that the core developers are excited to get the Ropsten testnet hard fork - and that everything will be working correctly.
Ethereum Dumped 10% Overnight: Possible Reasons Why
“JUST IN: as per sir @loomdart‘s request, this thread is abt the on-going sells off made by PLUS Token, the biggest Chinese PONZI which scammed ~70K $BTC + ~ 800K $ETH. I mentioned it briefly in my last Coindesk oped but worth additional attention as it may cause further sells,” she noted.https://twitter.com/DoveyWan/status/1161686134314848256 It still remains unclear why Ethereum dumped 10% overnight - and if this massive mount contributed to yesterday's drop. However, a panic sell-off could be triggered very soon, perpetuated by any movement in the scammer's wallets.
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